Goldman Sachs analyst James Schneider, Ph. D., initiated coverage on the U.S. Telecom Services and infrastructure sector (14 companies) and is most constructive on wireless carriers and data centers.
Schneider noted that the U.S. telecom industry is in a state of transformation. The U.S. telecom operators have refocused on their core business after emerging from a period as conglomerates marked by shareholder capital destruction.
For the first time in a decade, the U.S. wireless operators are entering a period where both competitive and capital intensity are moderating simultaneously.
He said this backdrop drove healthier growth and margin dynamics, with the potential for significant capital returns and stock re-rating.
U.S. towers are unlikely to enjoy the same structural tailwinds they have over the past decade, but "self-help" actions could unlock shareholder value, as per Schneider.
The era of 5G failed to deliver any revolutionary "killer app" but the technology has enabled telecom to compete for broadband customers outside traditional footprints with Fixed Wireless Access.
The analyst noted that traditional broadband companies (including cable operators) face heightened competition and will have difficulty gaining subscribers while accelerating network upgrades to compete.
He said AI represents a significant opportunity for the sector.
As per Schneider, data center operators should continue to enjoy cyclical benefits (over the next 12 months) from demand created by Generative AI and supply constraints due to power limitations.
The analyst also noted AI as a driver of efficiency gains, allowing for margin expansion.
Schneider's Buy ratings reflect stocks, where he noted the market needs to fully appreciate the sustainability of growth the company can deliver across the cycle or where the pace of potential cyclical recovery in fundamentals is underpriced.
Verizon Communications Inc (NYSE:VZ), with a $50 price target, is beginning to regain momentum in its core wireless franchise and will significantly benefit from fixed wireless in both its consumer and business franchises, according to the analyst.
AT&T Inc (NYSE:T), with a $22 price target, is positioned to continue its transformation as it refocuses on its core business, extends its fiber broadband leadership, and maintains growth in its wireless franchise, as per Schneider.
T-Mobile US, Inc (NASDAQ:TMUS), with a $200 price target, is poised to continue its core wireless growth algorithm (albeit at a moderating rate), with broadband driving the next chapter of growth, as per the analyst.
Frontier Communications Parent, Inc (NASDAQ:FYBR), with a $29 price target, is the analyst's top relative pick among wireline peers. He noted the company is positioned to successfully execute its pivot to being a fiber broadband provider from its legacy heritage.
Schneider's Sell ratings are Charter Communications Inc (NASDAQ:CHTR) with a $250 price target, Altice USA, Inc (NYSE:ATUS) with a $2 price target, and Lumen Technologies Inc (NYSE:LUMN) with a $1 price target.
Price Action: VZ stock is up 0.91% at $41.62 at the last check on Monday.
Photo by JeepersMedia on Flickr
高盛分析师詹姆斯·施耐德博士(James Schneider, Ph. D.)发起对美国电信服务和基础设施板块(14家公司)的覆盖,并看好无线运营商和数据中心。
施耐德指出,美国电信行业处于转型状态。退出股东资本破坏的企业集团时期后,美国电信运营商已重点关注其核心业务。
美国无线运营商正在进入一个竞争和资本密集度同时缓和的时期,这是十年来的首次。
他说,这种背景推动了更健康的增长和利润动态,潜在的资本回报和股票重估具有重大潜力。
按照施耐德的说法,美国电信塔将不太可能获得过去十年中相同的结构性顺风顺水,但"自我帮助"措施可以释放股东价值。
虽然5G时代并未带来任何革命性的"杀手级应用程序",但这项技术已经使电信能够通过固定无线接入在传统覆盖区域之外争夺宽带客户。
该分析师指出,传统宽带公司(包括有线电视运营商)面临日益激烈的竞争,将难以吸引订阅用户,在加速网络升级以竞争的同时也将面临困难。
他说,人工智能为该行业带来了重大机遇。
按照施耐德的说法,数据中心运营商应该继续从基因式人工智能所创造的需求和由电源限制造成的供应瓶颈中获得周期性的好处(在未来的12个月内)
该分析师还指出,人工智能是提高效率的驱动力,可以实现利润率扩张。
施耐德的买入评级体现在他指出的股票,即该公司能够在周期内提供可持续增长,或基本面潜在周期性恢复的速度被低估。
高盛分析师詹姆斯?施耐德预计,威瑞森通信股份有限公司(NYSE: VZ)在其核心无线业务中开始重新获得势头,并将在其消费者和商业业务中显着受益于固定无线。
AT&T公司(NYSE:T)的目标价为22美元。施耐德认为,该公司将继续转型,关注其核心业务,延伸其光纤宽带领先地位,并在其无线业务中保持增长。
根据该分析师的说法,美国T-Mobile运营商(NASDAQ: TMUS)将继续以核心无线增长算法为基础(虽然速度在缓慢),并以宽带驱动下一个增长阶段。
Frontier Communications Parent公司(NASDAQ: FYBR)在有线电信同行中是该分析师的最佳相对选择。他指出,该公司的定位可以成功实施从传统遗产中转向成为光纤宽带提供商。
施耐德的卖出评级包括特许通讯公司(NASDAQ: CHTR),目标价为250美元,Altice USA,Inc (NYSE:ATUS),目标价为2美元和Lumen Technologies Inc (NYSE:LUMN),目标价为1美元。
价格行动:截至周一最后检查时,VZ股票上涨0.91%,达到41.62美元。
这篇文章如何从威瑞森通信股票中产生每月100美元的被动收入,最初发表在Benzinga上。